The pharmaceutical industry in India stands as a beacon of growth, driven by factors ranging from economic development to increasing healthcare expenditure. According to the latest report by TechSci Research, titled “India Pharmaceutical Market – By Region, Competition Forecast and Opportunities, 2018,” the sector is poised for significant expansion in the forecast period spanning 2024-2028. This paper delves into the intricate dynamics shaping the India Pharmaceutical market, highlighting its growth drivers, challenges, segmentation, and competitive landscape.
Growth Drivers:
- Economic Expansion: India’s burgeoning economy serves as a catalyst for the pharmaceutical sector, fostering increased healthcare spending and access to medicines.
- Health Insurance Penetration: The rising penetration of health insurance schemes stimulates healthcare expenditure, augmenting the demand for pharmaceutical products.
- Technological Advancements: Innovations in medical technology, coupled with heightened awareness of chronic diseases, propel the development of novel drugs and therapies, fostering market growth.
- Export Opportunities: The escalating export of generic medicines opens new avenues for market expansion, bolstering India’s position as a global pharmaceutical hub.
- Respiratory Disease Burden: The mounting burden of respiratory ailments due to air pollution amplifies the demand for pharmaceutical interventions, driving market growth.
- Strong domestic market: A large and growing population, rising disposable incomes, and an increasing burden of chronic diseases are all fueling demand for pharmaceuticals in India. The government’s initiatives like Ayushman Bharat, which provides health insurance to a large section of the population, are also expected to boost the market.
Browse over XX market data Figures spread through 110 Pages and an in-depth TOC on “India Pharmaceutical Market” – https://www.techsciresearch.com/report/india-pharmaceutical-market/14327.html
- Cost-competitive manufacturing: India has a well-established manufacturing base for pharmaceuticals, and the cost of production is significantly lower than in developed countries. This makes Indian drugs more affordable for patients around the world.
- Government support: The Indian government has taken several steps to promote the growth of the pharmaceutical industry. These include providing tax breaks, relaxing regulations, and investing in research and development. Schemes like the Production Linked Incentive (PLI) for bulk drugs and medical devices are a big driver for domestic manufacturing.
- Shift towards innovation: Indian pharmaceutical companies are increasingly focusing on research and development (R&D) to develop new drugs and technologies. This is helping to move the industry away from its traditional focus on generics and towards more complex and profitable products.
- Growth of contract research and manufacturing services (CRAMS): India is a leading destination for CRAMS, which involve developing and manufacturing drugs for other companies. This is a growing segment of the pharmaceutical industry, and it is expected to continue to drive growth in India.
Challenges:
- Pricing Issues: Pricing-related challenges pose a hurdle to market growth, necessitating strategic pricing mechanisms to ensure affordability and competitiveness.
- Regulatory Hurdles: Stringent approval processes for new drug development impede innovation and market entry, necessitating regulatory reforms to streamline approvals.
- Talent Shortage: The dearth of skilled professionals hampers research and development efforts, hindering the introduction of innovative drugs and therapies.
- Side Effects Concerns: Increasing concerns over the side effects of novel drugs and vaccines undermine consumer confidence, restraining market growth.
- Infrastructure Gaps: Insufficient healthcare infrastructure, particularly in developing regions, limits access to advanced therapies and dampens market prospects.
Segmentation Analysis:
The India Pharmaceutical market can be segmented based on several parameters:
- Type: a. Pharmaceutical Drugs b. Biologics
- Drug Classification: a. Prescription-Based Drugs b. Over-the-counter Drugs
- Mode of Purchase: a. Prescription-Based Drugs b. Over-the-counter Drugs
- Distribution Channel a. Hospital Pharmacies b. Retail Pharmacies c. Online Pharmacies
- Region: a. North India b. South India c. East India d. West India
Competitive Analysis:
The India Pharmaceutical market is characterized by intense competition, with key players striving to innovate and capture market share. Major players such as Sun Pharmaceutical Industries Ltd., Dr. Reddy’s Laboratories Ltd., and Cipla Ltd. dominate the landscape, leveraging their research and development capabilities to introduce novel therapies and maintain competitive positioning. Additionally, partnerships and collaborations with academic institutions and research organizations facilitate knowledge exchange and drive innovation in the sector.
The India Pharmaceutical market presents promising growth prospects amid a backdrop of economic expansion, technological advancements, and increasing healthcare awareness. However, the sector grapples with challenges such as pricing issues, regulatory hurdles, and talent shortages, necessitating concerted efforts from stakeholders to overcome these barriers. By embracing innovation, fostering regulatory reforms, and investing in talent development, the Indian pharmaceutical industry can chart a sustainable growth trajectory, catering to the evolving healthcare needs of its populace and positioning itself as a global leader in pharmaceutical innovation and production.
Major companies operating in the India Pharmaceuticals market are:
- Sun Pharmaceutical Industries Limited
- Divis Laboratories Limited
- Cipla Limited
- Dr. Reddy’s Laboratories Limited
- Torrent Pharmaceutical Limited
- Zydus Lifesciences Limited
- Abbott India Limited
- Alkem Laboratories Limited
- Biocon Limited
- Lupin Limited
- Mankind Pharma Limited
- Intas Pharmaceuticals Limited
- Piramal Enterprises Limited
- Wockhardt Limited
- Glenmark Pharma Limited
For instance, in May 2021, under Atmanirbhar Bharat 3.0 Mission COVID Suraksha, the Government of India, accelerated the development and production of indigenous COVID vaccines, particularly “COVAXIN”
India is the largest vaccine supplier which contributes 40 to 70 percent of the WHO demand for Diphtheria, Tetanus and Pertussis (DPT) as well as Bacillus Calmette–Guérin (BCG), and 90 percent of the World Health Organisation (WHO) demand for the Measles vaccines in the world by volume.
Download Free Sample Report – https://www.techsciresearch.com/sample-report.aspx?cid=14327
Customers can also request for 10% free customization on this report.
“South India is expected to dominate in the India Pharmaceuticals market on account due to the increasing prevalence of breast cancer across the region along with growing large research and development expenditure in breast cancer medicines. Furthermore, increasing investments by government organizations and major key players in the healthcare sector developing healthcare infrastructure as well as the development of new drugs across the country is expected to boost the growth of the market during the forecast period. Similarly, the increasing patient population along with the growing aging population is expected to create lucrative growth during the forecast period. Additionally, increasing awareness about new drugs and therapies among the population and healthcare providers are further expected to drive the Indian pharmaceuticals Market during the forecast period. Besides, growing favorable government reimbursement policies for the treatment of chronic diseases and increasing demand for generic drugs across the region are further expected to create lucrative opportunities for market growth” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
“India Pharmaceuticals Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028, Segmented By Type (Pharmaceutical Drugs v/s Biologics), By Drug Classification (Branded Drugs v/s Generic Drugs), By Mode of Purchase (Prescription-Based Drugs v/s Over-the-counter Drugs), By Distribution Channel (Hospital Pharmacies, Retail Pharmacies, Online Pharmacies) and By Region”, has evaluated the future growth potential of India Pharmaceuticals market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in India Pharmaceuticals market.
Download Free Sample Report – https://www.techsciresearch.com/sample-report.aspx?cid=14327
Related Reports:
India Oxygen Cylinders Market Growth Competition, Forecast and Opportunities, 2019-2029
India Polyol Sweeteners Market Industry Size, Share, Trends, Opportunity, and Forecast, 2019-2029
India X ray Imaging System Market Industry Size, Share, Trends, Opportunity, and Forecast, 2019-2029
Contact Techsci Research
US –
Techsci Research LLC
420 Lexington Avenue, Suite 300,
New York, United States- 10170
Tel: +13322586602
Email: [email protected]